By Sheri Kasprzak
New York, Jan. 13 – The Michigan Finance Authority offered $300 million of series 2016A hospital revenue bonds for Beaumont Health Credit Group, said a pricing sheet.
The bonds (A1/A) were sold through senior manager Morgan Stanley & Co. LLC.
The bonds are due in 2044 and 2046. The 2044 bonds have a 5% coupon priced at 112.023 to yield 3.53%, and the 2046 bonds have a 4% coupon priced at 99.12 to yield 4.05%.
Proceeds will be used to renovate and expand facilities operated by the credit group.
| Issuer: | Michigan Finance Authority/Beaumont Health Credit Group
|
| Issue: | Series 2016A hospital revenue bonds
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| Amount: | $300 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), RBC Capital Markets LLC and Barclays (co-managers)
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| Ratings: | Moody’s: A1
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| Standard & Poor’s: A
|
| Pricing date: | Jan. 13
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| Settlement date: | Feb. 4
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $202.7 million | 2044 | Term | 5% | 112.023 | 3.53%
|
| $97.3 million | 2046 | Term | 4% | 99.12 | 4.05%
|
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